No, I mean in supply-vs-demand "scarcity", where price ^^^.
A box of 50 for $9+ for anything clean that will cycle a semiauto.
That's almost the same as 9mm. Ridiculous.

Quote:

Originally Posted by Broker

At current prices this isn't a poor man's game. One of the issues I have is that there is no way to value this stuff. I can't look at corporate earnings or future possible earnings to see what's likely to happen. But if you choose to buy in, be careful.

"Here's an app that you pre-load with your bitcoins into our system, once you swipe, we pay starbucks but then collect that amount of BTC from your account and move it into our account".

It's all accounting trickery. No BTC has been transferred anywhere. Because BTC transfers take a LOT longer to clear than what people think. Certainly not at the drive-thru at SB.

Essentially "iPayYou" is hoovering up BTC in anticipation of a price increase. Which "iPayYou" can then sell at a hefty profit. Likely Starbucks has some kind of cut they get in exchange for letting them integrate into their app.

What could possibly go wrong?

Quote:

Originally Posted by Shark0311

The other side to bitcoin is the mining thereof. The algorithm creates scarcity by limiting the rate of discovery based on the numbers of computations over time.

The problem is that the algorithm can change. And has changed. Any time they want to create more money. They've done it recently with the BTC 'split', which was just a reprogramming of the blockchain algorithm to allow for more 'money' to be created........while they still call it 'bitcoin'. Likely they had the algorithm preplanned and had supercomputers 'mining' it for months/years in advance so that when they roll out the new formula --- they already have the easy pickings and the rest of the people are busy crunching away with slaved laptops and desktops for months on end for a singular BTC2.0.

Think of it this way. If, to make it easy, say the BTC algorithm/blockchain was simply a formula resulting prime number. Now lets imagine you're a shiteating coin-slipping debt-slave driving banker that wants more BTC. How do? Well it's quite simple. You get the BTC to simply change the blockchain to include a formula resulting in a prime number AND a prime number PLUS ONE. You've now DOUBLED the amount of "BTC" there are. Because you call it BTC, the paid mockingbird talking heads on MSNBC still call it BTC, and it's still treated and honored as BTC. Except now there's double. And you, being a thieving bastard, knew it was coming so you 'mined' every single Prime+1 beforehand and so when it was rolled out YOU are now the proud owner of the vast majority of the new currency. And since you have control of it ---- you get the FULL purchasing power of the BTC, without inflation.

So it's the same bag of tricks they'll play. Every time. There is nothing fool proof about it. Because the shiteaters will just change the rules of the game like they always do.

Quote:

Originally Posted by SteveEx

My favorite quote about bitcoins:

"the best part about bitcoins is that you get to watch libertarians slowly discover why financial regulations exist to begin with" —@porn_horse[1]

That's a very hilarious quote but sums up lolbertardians perfectly. And is why I am no longer a lolbertard. It's a bullshit ideology that does everything it can to not understand that human beings are not all created equal. That egalitarianism is as much as a lie as "diversity is our greatest strength". The cold reality is that the strong will prey on the weak. The smart will fleece the stupid. The lolbertard fantasy of complete individual freedom is akin to being in a prison yard full of 'loners' who will inevitably get their shit pushed in by the first assholes that band together and start a gang. So in order to survive the lolbertards have to give up their bullshit fantasy and start their own gang in order to just survive. Lolbertardian nonsense doesn't work when you introduce it to human nature. It, like communism and 'democracy', can only exist as a theoretical thought-exercise of a smug and pompous academic professors' mind. People who do not exist in the real world and never have.

The problem is that the algorithm can change. And has changed. Any time they want to create more money. They've done it recently with the BTC 'split', which was just a reprogramming of the blockchain algorithm to allow for more 'money' to be created........while they still call it 'bitcoin'.

This whole "bitcoin mining" I also don't quite understand.

So, you are essentially leasing out your graphics processor to do work over the internet for who? And you get fractions of bitcoins for every equation your computer solves? WTF. What are these equations that are so important they need help from my graphics card? What does that have to do with a digital currency for goods and services? It's not like it's running a giant transaction spreadsheet over a global distributed network, is it. Wouldn't that take CPU (math) processor power instead of GPU?

So, you are essentially leasing out your graphics processor to do work over the internet for who? And you get fractions of bitcoins for every equation your computer solves? WTF. What are these equations that are so important they need help from my graphics card? What does that have to do with a currency? It's not like it's running a transaction spreadsheet.

No, When you join a pool you get a percentage of the "proof of work" you contribute. The larger the percentage the more you make. That is why when you mine in pools you need to be very careful not to get ripped off. Unless you are some super data center everyone has to mine bitcoin in a pool.

The GPU is just a much more efficient way of solving the computations to release the coins.

No, When you join a pool you get a percentage of the "proof of work" you contribute. The larger the percentage the more you make. That is why when you mine in pools you need to be very careful not to get ripped off. Unless you are some super data center everyone has to mine bitcoin in a pool.

The GPU is just a much more efficient way of solving the computations to release the coins.

I started in a pool 5 months ago now I am a solo miner.

But what "work" am I being paid for? What am I accomplishing and for who? What is my computer really being used for? It's not like I'm really mining gold. WTF.

And how does a pool more likely rip you off?

And thanks for the answers, this has me intrigued, now that Fidelity Investments seems to want to integrate, and I may be investing by proxy.

But what "work" am I being paid for? What am I accomplishing and for who? What is my computer really being used for? It's not like I'm really mining gold. WTF.

And how does a pool more likely rip you off?

And thanks for the answers, this has me intrigued.

You are being paid for the work the GPU's do to solve the block chain algorithm. The rest of the computer is useless and should be totally throttled down to save on power.

Buddy its as good as gold. I started with 5 GPU's I am up to 98 now. I'm hoping to be up to over 200 by this time next year. At which point I can think of quitting my day job forever.

Pools have admins and people tend to suck when it comes to money. They can skim off what they put in you're wallet. Even .02 percent would add up if you have a pool of 500 people. Or they can just steal coins out right and say you got unlucky. Getting unlucky happens. So it is hard to really determine if you got ripped off or not.

KW, you are blowing my mind. I fucking hope Fidelity doesn't "just get unlucky" with my 401K! That sounds like that infamous "bubble".

Dude, I hate to break it to you, but I'd trust the purity of street-level heroin before I'd trust the integrity of those fund managers managing the giant 401(K) entities. Those guys are Weinstein-tier of shitbag. And probably could even teach him a thing or two about how to be a even more of a soul-less piece of shit

Dude, I hate to break it to you, but I'd trust the purity of street-level heroin before I'd trust the integrity of those fund managers managing the giant 401(K) entities. Those guys are Weinstein-tier of shitbag. And probably could even teach him a thing or two about how to be a even more of a soul-less piece of shit

So, you're saying don't look too hard...and try to get out ASAP!?
\Roll that fucker over into 22LR and good booze?

I have a Friend in the Philippines that tried to get me into it a few years ago and I wish I did because he made a killing on Bitcoin
.

I remember seeing it back in the day for like $10 or $20 per coin. I was trying to buy some just as a gag but the process to purchase was so convoluted I eventually gave up. Damn I wish I got into that. I'd make Dan Blizerian's whore brigade antics look like a Mormon kid trying to sneak a quick peek at an old sears catalog bra section. I'm talking E! True Hollywood Story levels of debauchery and burnout.

Damn I wish I got into that. I'd make Dan Blizerian's whore brigade antics look like a Mormon kid trying to sneak a quick peek at an old sears catalog bra section. I'm talking E! True Hollywood Story levels of debauchery and burnout.

So, you're saying don't look too hard...and try to get out ASAP!?
\Roll that fucker over into 22LR and good booze?

A fucking alcoholic jonesing for his fix will treat plastic jug of vodka the same as if it were Louis the XI-whatever. Will trade anything for it. Especially if you let him have a whiff to get his engines roaring. Maybe get a crate of those little airplane bottles.

Other than that, invest in some good friends that you can trust. Barring that, a lot of ammo, lye, and enough gas to power the front-end loader for the mass graves, berms, moats, and fighting holes.